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Digital ad spending growth in Canada continues apace, driven in large part by key industries tied most closely to the digital economy. Our rankings show that retail and CPG lead the way, while sectors like travel and automotive are still recovering from hard times during the pandemic.

The news: Block鈥檚 Square will be Live Nation Canada鈥檚 exclusive provider of payments. Our take: Partnering with Live Nation Canada offers Square a space to test out its newest tech on large crowds in a confined space expecting fast turnaround times.

But Shopify, like other retail-related companies, faces several potential challenges, including foreign exchange headwinds due to the strong US dollar, tariffs, and the Trump administration鈥檚 plans to close the 鈥渄e minimis鈥� loophole.

A 10% tariff on Chinese goods has already taken effect and proposed 25% tariffs on Canadian and Mexican imports鈥攃urrently paused for 30 days鈥攚ould add an additional $3,342 to annual expenses for a family of four, according to an analysis by James Knightley, chief international economist at ING.

The 18 countries surveyed were: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, South Africa, South Korea, Spain, Switzerland, United Arab Emirates (UAE), the UK, and the US.

A trade war with the US will hinder economic performance in Canada this year. Ad spending overall is expected to lose the momentum gained in 2024. But many digital formats will benefit from the emphasis on return on ad spending.

Trump鈥檚 first days in office exacerbate uncertainty over tariff plans: While Mexico and Canada are firmly in the administration鈥檚 sights, other tariffs are up in the air.

Ad spending will rebound in 2024, as mobile formats continue to dominate and areas like connected TV and retail media drive renewed growth.

Not its first rodeo: Best Buy aims to learn from its experience operating an online marketplace in the US from 2011 to 2016, as well as its marketplace in Canada. The retailer鈥檚 previous marketplace only drove about 1% of domestic revenues and led to confusion among consumers who bought items from third-party sellers then tried to return that merchandise to the retailer鈥檚 stores.

Wayfair pivots from Germany to focus on physical retail: The country鈥檚 challenging economic climate is one reason the retailer is reallocating resources to areas with better long-term potential.

Trump risks trade war with planned 25% tariffs on imports from Mexico and Canada: Besides triggering retaliatory policies, the move would also lead to higher grocery, energy, and auto prices.

It鈥檚 unclear if this pivot will affect the additional tariffs that Trump threatened to impose on Mexico, Canada, and China to compel stronger responses to migration and drug trafficking.

Tariff threats are also creating ripple effects around the world: They contributed to Canadian Prime Minister Justin Trudeau鈥檚 resignation and increased the likelihood that Chinese policymakers will allow the yuan to weaken. Our take: The impacts of Trump鈥檚 tariffs are already being felt鈥攅ven before their shape and structure are known.